Tenants in Sydney, Perth and Brisbane are likely to be slugged with annual rent increases of up to 7 per cent over the next two to three years.
Housing analysts have forecast rent rises across all Australian capital cities as new home construction fails to keep up with demand, home borrowing stabilises at weaker levels and the population continues to grow.
Economic forecaster BIS Shrapnel says renters will have to get used to annual increases of between 5 to 7 per cent in Perth, Brisbane and Sydney, and 3 to 5 per cent in Melbourne, Hobart and Adelaide over the next 24 to 36 months.
BIS Shrapnel analyst Angie Zigomanis said new dwelling construction had not been adequate over the past 12 months.
‘‘We expect rental growth to pick up again,’’ Mr Zigomanis said.
‘‘The last 12 months has shown marginal rental growth, but we expect that to get closer to the mid-single digits over the next few years.’’
As the economy picks up, any vacant rental stock should become ‘‘pretty rapidly filled,’’ Mr Zigomanis said.
Economic forecaster BIS Shrapnel says renters will have to get used to annual increases of between 5 to 7 per cent in Perth, Brisbane and Sydney, and 3 to 5 per cent in Melbourne, Hobart and Adelaide over the next 24 to 36 months.
BIS Shrapnel analyst Angie Zigomanis said new dwelling construction had not been adequate over the past 12 months.
‘‘We expect rental growth to pick up again,’’ Mr Zigomanis said.
‘‘The last 12 months has shown marginal rental growth, but we expect that to get closer to the mid-single digits over the next few years.’’
As the economy picks up, any vacant rental stock should become ‘‘pretty rapidly filled,’’ Mr Zigomanis said.
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